Biden: June inflation figures "unacceptably high" but out-of-date

U.S. President Joe Biden said June inflation figures were "unacceptably high" but also said they were out of date given the recent drop in gasoline prices.

"Energy alone comprised nearly half of the monthly increase in inflation. Today's data does not reflect the full impact of nearly 30 days of decreases in gas prices, that have reduced the price at the pump by about 40 cents since mid-June," Biden said in a statement.